Recent News
On January 5, 2026 the company announced a $75 million principal prepayment on its senior secured term loan, reducing outstanding principal to about $165 million and unveiled a preliminary 2026 capital spending plan of $200–$240 million focused on petroleum and nitrogen fertilizer operations. On January 26, 2026 CVR Energy issued preliminary estimated fourth‑quarter and full‑year 2025 results, citing impacts from accelerated depreciation tied to reversion of the Wynnewood renewable diesel unit and reduced fertilizer volumes following planned turnarounds; the company reported the Wynnewood hydrocracker reversion completed in December and noted no planned petroleum turnarounds for 2026.
Technical Analysis
Directional indicators show DI+ increasing while DI‑ decreases, and ADX at 23.1 signals an emerging trend; this alignment implies bullish directional pressure that supports short‑term upside attempts against the current valuation.
MACD sits negative at ‑0.66 but has turned higher and crossed above its signal line (signal = ‑1.10), which constitutes a bullish momentum shift and increases the probability of continued follow‑through if confirmed by price and volume.
MRO reads ‑12.35 with a dip‑and‑reversal pattern; the negative value indicates the price sits below its modeled target and therefore has room to move upward toward that target absent new adverse catalysts.
RSI at 39.29 and rising points to building buying pressure from a lower base rather than overbought conditions; momentum appears constructive but not extended.
Shorter moving averages show mixed posture: the 12‑day EMA has turned up, and price trades above the 20‑day average but below the 50‑day and 200‑day averages, implying near‑term strength inside a still‑unresolved intermediate downtrend. The super trend upper band at $24.79 and the 200‑day average near $29.00 present clear overhead resistance levels to any rally attempt.
Bollinger band placement leaves price nearer the upper 1x band ($24.52) but inside the 2x band envelope, suggesting limited near‑term upside without a volatility expansion. Trading volume at ~777k sits below 10/50/200‑day averages, meaning breakouts need volume confirmation to sustain.
Fundamental Analysis
Profitability shows strength: EBIT of $514.0M and EBITDA of $626.0M translate to an EBIT margin of 26.44%, a figure above the industry peer mean and median for EBIT margin and approaching the industry peer high, supporting a premium operating profile despite recent compression. QoQ EBIT margin declined about 5.56% and YoY declined about 5.41%, indicating margin pressure through the latest period tied to turnarounds and operational shifts.
Revenue and growth dynamics diverge by cadence: revenue growth QoQ accelerated roughly 48.73% while revenue growth YoY declined about 2.53%, reflecting the sequencing effects of turnarounds and restart timing rather than sustained top‑line expansion. Receivables turnover improved modestly QoQ at +0.25, and asset turnover at 0.487 indicates efficient asset use and sits above the industry peer mean and median.
Liquidity and cash generation present a mixed but constructive picture: cash and short‑term investments total $670.0M, operating cash flow reached $163.0M, and free cash flow totaled $120.0M (free cash flow yield ~3.61%). The current ratio stands at 1.96 and the quick ratio at 1.28, both reflecting a working‑capital cushion; change in working capital showed a $481.0M release that supported cash balances.
Leverage and coverage show manageable serviceability: total debt of $1.857B produces net debt near $1.133B and debt/EBITDA about 2.97, while interest coverage registers about 20.56x, indicating ample coverage of interest obligations despite elevated absolute leverage. Debt‑to‑assets at 46.52% sits slightly below the industry peer mean, while debt‑to‑equity at 221.07% sits above the industry peer mean.
Earnings and valuation signals contain tension. Reported EPS of $0.40 exceeded the estimate of $0.23 by $0.17, a surprise ratio of ~73.91%. Trailing P/E stands near 82.8x and price/book sits near 3.96x; WMDST values the stock as over‑valued. The company’s strong margins, cash generation, and high interest coverage support operational resilience, but elevated market multiples and the over‑valued classification constrain the fundamental valuation case until sustained earnings improvement or multiple compression occurs.
MOST-RECENT QUARTERLY REPORT
| REPORT PERIOD ENDING: | 2025-09-30 |
| REPORT DATE: | 2025-10-29 |
| NEXT REPORT DATE: | 2026-01-28 |
| CASH FLOW | Begin Period Cash Flow | $ 596.0 M |
| Operating Cash Flow | $ 163.0 M | |
| Capital Expenditures | $ -43.00 M | |
| Change In Working Capital | $ -481.00 M | |
| Dividends Paid | — | |
| Cash Flow Delta | $ 74.0 M | |
| End Period Cash Flow | $ 670.0 M | |
| INCOME STATEMENT | REVENUE | |
| Total Revenue | $ 1.9 B | |
| Forward Revenue | $ 27.9 M | |
| COSTS | ||
| Cost Of Revenue | $ 1.4 B | |
| Depreciation | $ 112.0 M | |
| Depreciation and Amortization | $ 112.0 M | |
| Research and Development | — | |
| Total Operating Expenses | $ 1.4 B | |
| PROFITABILITY | ||
| Gross Profit | $ 558.0 M | |
| EBITDA | $ 626.0 M | |
| EBIT | $ 514.0 M | |
| Operating Income | $ 516.0 M | |
| Interest Income | — | |
| Interest Expense | $ 25.0 M | |
| Net Interest Income | $ -25.00 M | |
| Income Before Tax | $ 489.0 M | |
| Tax Provision | $ 88.0 M | |
| Tax Rate | 17.9 % | |
| Net Income | $ 374.0 M | |
| Net Income From Continuing Operations | $ 401.0 M | |
| EARNINGS | ||
| EPS Estimate | $ 0.23 | |
| EPS Actual | $ 0.40 | |
| EPS Difference | $ 0.17 | |
| EPS Surprise | 73.913 % | |
| Forward EPS | $ 0.21 | |
| BALANCE SHEET | ASSETS | |
| Total Assets | $ 4.0 B | |
| Intangible Assets | — | |
| Net Tangible Assets | $ 840.0 M | |
| Total Current Assets | $ 1.5 B | |
| Cash and Short-Term Investments | $ 670.0 M | |
| Cash | $ 670.0 M | |
| Net Receivables | $ 253.0 M | |
| Inventory | $ 509.0 M | |
| Long-Term Investments | $ 408.0 M | |
| LIABILITIES | ||
| Accounts Payable | $ 437.0 M | |
| Short-Term Debt | $ 14.0 M | |
| Total Current Liabilities | $ 755.0 M | |
| Net Debt | $ 1.1 B | |
| Total Debt | $ 1.9 B | |
| Total Liabilities | $ 3.0 B | |
| EQUITY | ||
| Total Equity | $ 840.0 M | |
| Retained Earnings | $ -667.00 M | |
| VALUATION & PER-SHARE METRICS | EQUITY & PER-SHARE METRICS | |
| Book Value Per-Share | $ 8.36 | |
| Shares Outstanding | 100.531 M | |
| Revenue Per-Share | $ 19.34 | |
| VALUATION | Market Capitalization | $ 3.3 B |
| Enterprise Value | $ 4.5 B | |
| Enterprise Multiple | 7.212 | |
| Enterprise Multiple QoQ | -104.336 % | |
| Enterprise Multiple YoY | -113.071 % | |
| Enterprise Multiple IPRWA | high: 31.539 median: 25.807 mean: 19.384 CVI: 7.212 low: -53.099 |
|
| EV/R | 2.322 | |
| CAPITAL STRUCTURE | ||
| Asset To Equity | 4.752 | |
| Asset To Liability | 1.353 | |
| Debt To Capital | 0.689 | |
| Debt To Assets | 0.465 | |
| Debt To Assets QoQ | -1.263 % | |
| Debt To Assets YoY | 22481.553 % | |
| Debt To Assets IPRWA | high: 1.466 median: 0.564 mean: 0.517 CVI: 0.465 low: 0.004 |
|
| Debt To Equity | 2.211 | |
| Debt To Equity QoQ | -45.115 % | |
| Debt To Equity YoY | 18555.781 % | |
| Debt To Equity IPRWA | CVI: 2.211 high: 1.818 median: 1.128 mean: 0.894 low: -3.312 |
|
| PRICE-BASED VALUATION | ||
| Price To Book (P/B) | 3.961 | |
| Price To Book QoQ | -31.901 % | |
| Price To Book YoY | 8.827 % | |
| Price To Book IPRWA | CVI: 3.961 high: 2.081 median: 1.057 mean: 0.573 low: -2.254 |
|
| Price To Earnings (P/E) | 82.75 | |
| Price To Earnings QoQ | -172.954 % | |
| Price To Earnings YoY | -269.286 % | |
| Price To Earnings IPRWA | high: 119.893 CVI: 82.75 median: 44.432 mean: 34.827 low: -68.228 |
|
| PE/G Ratio | -0.302 | |
| Price To Sales (P/S) | 1.712 | |
| Price To Sales QoQ | 11.198 % | |
| Price To Sales YoY | 27.696 % | |
| Price To Sales IPRWA | high: 2.658 CVI: 1.712 median: 1.157 mean: 0.945 low: 0.11 |
|
| FORWARD MULTIPLES | ||
| Forward P/E | 570.617 | |
| Forward PE/G | -2.083 | |
| Forward P/S | 485.179 | |
| EFFICIENCY | OPERATIONAL | |
| Operating Leverage | -58.115 | |
| ASSET & SALES | ||
| Asset Turnover Ratio | 0.487 | |
| Asset Turnover Ratio QoQ | 13.975 % | |
| Asset Turnover Ratio YoY | 4.792 % | |
| Asset Turnover Ratio IPRWA | CVI: 0.487 high: 0.391 median: 0.374 mean: 0.347 low: 0.062 |
|
| Receivables Turnover | 7.807 | |
| Receivables Turnover Ratio QoQ | 25.244 % | |
| Receivables Turnover Ratio YoY | 23.306 % | |
| Receivables Turnover Ratio IPRWA | high: 9.961 CVI: 7.807 mean: 6.54 median: 5.723 low: 2.141 |
|
| Inventory Turnover | 2.739 | |
| Inventory Turnover Ratio QoQ | -18.53 % | |
| Inventory Turnover Ratio YoY | -25.198 % | |
| Inventory Turnover Ratio IPRWA | high: 8.79 mean: 5.242 median: 4.776 CVI: 2.739 low: 1.147 |
|
| Days Sales Outstanding (DSO) | 11.688 | |
| CASH CYCLE | ||
| Cash Conversion Cycle Days (CCC) | 14.507 | |
| Cash Conversion Cycle Days QoQ | -1.954 % | |
| Cash Conversion Cycle Days YoY | -7.603 % | |
| Cash Conversion Cycle Days IPRWA | high: 94.279 mean: 19.846 median: 14.688 CVI: 14.507 low: -25.082 |
|
| CAPITAL DEPLOYMENT | ||
| Cash Conversion Ratio | 2.689 | |
| CapEx To Revenue | -0.022 | |
| CapEx To Depreciation | -0.384 | |
| CAPITAL, LIQUIDITY & COVERAGE | CAPITAL STRUCTURE | |
| Total Capital | $ 2.6 B | |
| Net Invested Capital | $ 2.6 B | |
| Invested Capital | $ 2.6 B | |
| Net Tangible Assets | $ 840.0 M | |
| Net Working Capital | $ 723.0 M | |
| LIQUIDITY | ||
| Cash Ratio | 0.887 | |
| Current Ratio | 1.958 | |
| Current Ratio QoQ | 67.494 % | |
| Current Ratio YoY | 46.682 % | |
| Current Ratio IPRWA | high: 3.114 mean: 2.312 median: 2.124 CVI: 1.958 low: 0.045 |
|
| Quick Ratio | 1.283 | |
| Quick Ratio QoQ | 71.944 % | |
| Quick Ratio YoY | 48.794 % | |
| Quick Ratio IPRWA | high: 2.501 mean: 1.778 median: 1.4 CVI: 1.283 low: 0.031 |
|
| COVERAGE & LEVERAGE | ||
| Debt To EBITDA | 2.966 | |
| Cost Of Debt | 1.099 % | |
| Interest Coverage Ratio | 20.56 | |
| Interest Coverage Ratio QoQ | -704.706 % | |
| Interest Coverage Ratio YoY | -436.436 % | |
| Interest Coverage Ratio IPRWA | CVI: 20.56 high: 6.075 mean: 2.394 median: 2.13 low: -0.997 |
|
| Operating Cash Flow Ratio | 0.592 | |
| TIMING / LIQUIDITY | ||
| Days Payables Outstanding (DPO) | 22.426 | |
| DIVIDENDS | ||
| Dividend Coverage Ratio | — | |
| Dividend Payout Ratio | — | |
| Dividend Rate | — | |
| Dividend Yield | — | |
| PERFORMANCE | GROWTH | |
| Asset Growth Rate | 0.201 % | |
| Revenue Growth | 10.392 % | |
| Revenue Growth QoQ | 48.733 % | |
| Revenue Growth YoY | -252.554 % | |
| Revenue Growth IPRWA | high: 13.297 % median: 11.911 % CVI: 10.392 % mean: 8.125 % low: -18.954 % |
|
| Earnings Growth | -273.913 % | |
| Earnings Growth QoQ | 237.547 % | |
| Earnings Growth YoY | -58.217 % | |
| Earnings Growth IPRWA | high: 414.286 % median: 5.505 % mean: -2.484 % CVI: -273.913 % low: -400.0 % |
|
| MARGINS | ||
| Gross Margin | 28.704 % | |
| Gross Margin QoQ | -843.434 % | |
| Gross Margin YoY | -820.663 % | |
| Gross Margin IPRWA | high: 47.823 % CVI: 28.704 % mean: 12.489 % median: 8.074 % low: -0.098 % |
|
| EBIT Margin | 26.44 % | |
| EBIT Margin QoQ | -556.492 % | |
| EBIT Margin YoY | -540.593 % | |
| EBIT Margin IPRWA | high: 30.204 % CVI: 26.44 % mean: 6.249 % median: 4.625 % low: -20.024 % |
|
| Return On Sales (ROS) | 26.543 % | |
| Return On Sales QoQ | -549.424 % | |
| Return On Sales YoY | -542.31 % | |
| Return On Sales IPRWA | high: 30.547 % CVI: 26.543 % mean: 5.413 % median: 4.227 % low: -17.532 % |
|
| CASH FLOW | ||
| Free Cash Flow (FCF) | $ 120.0 M | |
| Free Cash Flow Yield | 3.606 % | |
| Free Cash Flow Yield QoQ | -851.25 % | |
| Free Cash Flow Yield YoY | 638.934 % | |
| Free Cash Flow Yield IPRWA | high: 5.183 % CVI: 3.606 % median: 3.496 % mean: 2.435 % low: -6.085 % |
|
| Free Cash Growth | -1023.077 % | |
| Free Cash Growth QoQ | 971.262 % | |
| Free Cash Growth YoY | -1123.077 % | |
| Free Cash Growth IPRWA | high: 281.489 % median: 193.976 % mean: 123.925 % low: -432.653 % CVI: -1023.077 % |
|
| Free Cash To Net Income | 0.321 | |
| Cash Flow Margin | 22.994 % | |
| Cash Flow To Earnings | 1.195 | |
| VALUE & RETURNS | ||
| Economic Value Added | $ 0.03 | |
| Return On Assets (ROA) | 9.378 % | |
| Return On Assets QoQ | -438.678 % | |
| Return On Assets YoY | -397.998 % | |
| Return On Assets IPRWA | CVI: 9.378 % high: 1.556 % mean: 0.886 % median: 0.824 % low: -2.344 % |
|
| Return On Capital Employed (ROCE) | 15.879 % | |
| Return On Equity (ROE) | 0.445 | |
| Return On Equity QoQ | -281.998 % | |
| Return On Equity YoY | -342.373 % | |
| Return On Equity IPRWA | CVI: 0.445 high: 0.078 mean: 0.026 median: 0.024 low: -0.075 |
|
| DuPont ROE | 57.275 % | |
| Return On Invested Capital (ROIC) | 15.966 % | |
| Return On Invested Capital QoQ | -620.404 % | |
| Return On Invested Capital YoY | -19.974 % | |
| Return On Invested Capital IPRWA | high: 16.003 % CVI: 15.966 % mean: 3.43 % median: 1.72 % low: -19.245 % |
|